Wrong! Parade laps and hot laps are the same thing at the Festival...
With due respect, and whilst not wishing to speek out of turn, (and as a result scupper the slim chance Tony and I had of "perhaps" doing some hot laps) having read all of the postings I can find on the subject my conclusion is as follows:-
Hot Laps are the exclusive domain of GT3 owners (unless they don't get enough GT3 volunteers) who get to run for, perhaps, two 15-20 minute sessions on Sunday and Monday, without a pace car, for free. They take fee paying passengers, if available, otherwise they can run without.
The rest of us get to do perhaps 5 Parade Laps for £10 in a queu behind a pace car.
Make of that what you will.